Military Retirement System

Witnesses testified on a provision in the Bipartisan Budget Act of 2013 that reduces the cost-of-living adjustments (COLA’s) for…
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Witnesses testified on a provision in the Bipartisan Budget Act of 2013 that reduces the cost-of-living adjustments (COLA’s) for working age military retirees. According to the law, military retirees under the age of 62 will see a one percent reduction to the annual COLA they receive on retirement pay starting at the end of 2015. Committee Chair Carl Levin along with all the witnesses urged repealing the COLA adjustment reduction. Acting Deputy Defense Secretary Christine Fox along with Admiral James Winnefeld emphasized the need to address the rate of growth regarding military compensation. They both stated that any changes to military retirement benefits should be grandfathered in. close

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*The transcript for this program was compiled from uncorrected Closed Captioning.